We recently discussed why online payments are a no brainer for your residents, but this statement also holds true for property management companies. Besides the fact that online payments are modern, secure, and simple, they provide incredible benefits to your business. Here are the top three ways your property management company will benefit from online payments.
1). Save money
Who doesn’t love to save money? Businesses are always looking for ways to reduce costs and increase profits, and online payments are one of the easiest ways to do this. Every paper check you receive costs you money as banks charge between $0.65-$0.75 to process each check. On top of that, you will be paying money to reconcile checks that are lacking coupons. Plus, you are paying money to print and distribute coupon books to your residents. Since your residents have been paying by check for years, these costs are likely something you have budgeted for and simply see as a necessary evil. Go digital and watch your monthly expenses instantly decrease.
2). Reduce complexity
From printing and distributing coupons books to collecting and reconciling paper checks, the “old way” of accepting dues payments (i.e. paper checks) creates complexity and a ton of extra work for your team. When accepting online payments, payments are instantly deposited for each property, so gone are the days of exception lists, reconciliation, and reaching out to residents with questions about their payments. Plus, when your team no longer has to spend hours every month reconciling checks, they can begin doing more beneficial work for your business.
3). Increase investment in your business
Banks typically offer banking credits to property management companies, which are similar to frequent flyer miles. These credits typically offset the fees associated with processing checks and creating exception lists. When you no longer deposit paper checks, or more realistically, significantly cut down on the number of checks, these credits can be put towards other services that benefit your business. As mentioned above, it’s the same thing with your employees. Rather than having them spend time reconciling checks each month, they can begin doing more beneficial work for your business, such as relationship building, business development, and even marketing initiatives.
Interested in learning more about how digital payments can help your company save money, download your copy of our free whitepaper, What Every Property Management Company Needs to Know About Free Checking.